TITLE 47 RETIREMENT AND PENSIONS

Section 2. Employees' Retirement System of Georgia, 47-2-1 through 47-2-360.

ARTICLE 3 EMPLOYEE AND EMPLOYER CONTRIBUTIONS AND CREATION OF FUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES

47-2-56. Maintenance of annuity and pension reserves and payment of benefits under this chapter as obligations of the pension accumulation fund; permissible uses of assets of the fund.

The maintenance of annuity reserves and pension reserves, the crediting of regular interest to the annuity savings fund under Code Section 47-2-55, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be obligations of the pension accumulation fund, except as provided in paragraph (3) of subsection (c) of Code Section 47-2-128. All assets of the pension accumulation fund and all income, interest, and dividends derived from deposits and investments shall be used for the payment of such obligations and for no other purposes.

(Ga. L. 1949, p. 138, § 11; Ga. L. 1973, p. 900, § 9; Ga. L. 1991, p. 130, § 1.)